December Was A True Success for Most Local Real Estate Markets

The most recent Homes.com Local Market Reports are in and there have been some big changes since our last report. But before we start breaking down all of the data, there’s some exciting news that you need to know.  Thirty-nine percent of all U.S housing markets have officially achieved a complete price recovery! It’s becoming pretty clear that consumers are becoming more confident about buying and selling their homes!

But the good news doesn’t stop there, so lets dive right in to the rest of the findings from the latest batch of reports!

Top 100 Markets

December’s report shows that 42 markets have now reached a complete price recovery, up two markets from Novembers report. These areas include Jackson, MS and Nashville, TN, posting respective rebound percentages of 100.15% and 100.16%.

Ninety-four markets saw three-month average price gains, up one market from November’s report. In what seems to be a continuing trend, the Northeast was once again home to the remaining six markets that were unable to increase their three-month averages.

Monthly percentage gains in December varied from a low of -0.20% to a high of 0.89%. While Atlanta, GA claimed the highest monthly percentage, Tampa Bay, FL came in a close second with a gain of 0.85%.

Taking a look at year-over-year changes for December, price gains ranged from a low of 5.66% to a high of 6.69%, a striking resemblance from last month’s report.  Although the average YoY gain of 4.25% during December 2014 was lower than the 8.43% than the year before, it’s important to remember that 2013 was the peak position and that rates have dropped ever since.

Midsized Markets

There’s even better news to report for the smaller markets measured in this report! Four new markets achieved a full price recovery in December, bringing the grand total to 75!

One of those was Tuscaloosa, AL, which fell from this fully recovered list back in October, but regained its position this month with a price gain of 100.54%. The other three markets included Green Bay, WI, Janesville WA, and Bellingham, WA, with respective rebounds of 100.32%, 100.10% and 100.06%.

There were 195 markets to report three-month average gains, up an astonishing 18 markets from last month’s report and Rocky Mount, NC took the top spot with a gain of 1.02%. The South was home to all of the top 10 markets on this list, illustrating an upward movement in pricing for markets located in milder climates. This region was also the dominant force on an annual basis, as it was home to the 9 of the top 10 markets on that list. The average annual price appreciation for all of the top Midsized markets was 4.61%, down 3.19 basis points from the year before.

There was definitely a positive uptick in home prices during December, so be on the lookout for next month’s report to see if this trend has continued. Until then, check out the full report from December to get more details on your local market and to see how it compares to the rest of the nation’s housing markets.

 

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